Credit default swaps top movers: Ireland and Sanmina-Sci Corp.

Credit default swaps sovereign & corporate movers

Italy, Brazil and France maintained their standing atop the list of countries that would pay out the highest net notional amount in the event of default. The net notional amounts of all three remained relatively stable, with Italy experiencing a 1.05% decrease from last week, while Brazil and France saw increases of 0.54% and 0.02%, respectively.

The corporate side was also consistent, with General Electric Chemical Corp. (0.21% decrease in net notional), Berkshire Hathaway Inc. (0.32% increase) and Metlife Inc. (1.25% decrease) once again ranking as the companies with the largest net notional amounts.

Ireland was the sovereign entity with the most movement in net notional amount this week, with a decrease of 9.88%. Argentina and Egypt also saw their net notional fall by 5.92% and 4.20%. The most volatile corporate entity was Sanmina-Sci Corp., a California-based electronics manufacturing services provider, whose net notional amount jumped by 25.47%. Japan's Mitsubishi Chemical Corp. landed in the second spot with a 16.64% rise in net notional, and Ageas, a Belgian-Dutch insurance company, experienced a 13.64% increase.

The net notional amount represents the maximum that would have to be paid in the event of a default by the entity, assuming netting across trade counterparties’ families. The gross notional amount represents the value of all active CDS contracts, including offsetting contracts. The Top 10 volume movers show the reference entities with the largest notional movement for the week.